Raised Bill No. 419 Summary

• Annual property tax increases capped at the lesser of 2% or the consumer price index rate for the northeast region, effective October 1, 2024

• Municipalities exceeding the limit must reduce the levy by at least 15% annually until compliant, unless voters approve additional taxes via referendum requiring either a majority or two-thirds vote depending on the amount

• Municipal legislatures can seek voter approval to exceed limits for capital outlay, bonded debt from before October 1, 2024, new bonds issued after October 1, 2024, and water or sewer debt charges

• New properties or properties with increased assessed valuations can generate additional tax revenue equal to the prior year's tax rate applied to the valuation increase, excluding full municipality revaluations

• Municipalities may adjust limits to counterbalance extraordinary, nonrecurring events with written notice and detailed explanation to voters